As WorldWatch forecast on previous posts the crude price is speculative, both by petrol companies and less honest governments as is the case with Portugal were once more final consumer prices at the pump have become more expensive over the last week and according to the same agency next week the same companies will once more inflate consumer prices.
The companies involved in this scam are,Galp, Cepsa, BP e Repsol, last week alone these same companies increased final consumer price three days in a row, now this week they have once more increased consumer final prices at the pump by...
Galp increased regular 95 Octane by 7, 5 cents per litre; consumer price is now a staggering 1,619 euros per litre.
Cepsa increased regular 95 Octane by 7, 5 cent per litre; consumer price is now a staggering 1,619 euros per litre.
BP increased regular 95 Octane by 8 cent per litre; consumer price is now a staggering 1,629 euros per litre.
Repsol increased regular 95 Octane by 8 cent per litre; consumer price is now a staggering 1,619 euros per litre.
These companies all practice the same final price with no explanation given to the public as to why...
As mentioned in previous WorldWatch reports the recession will continue as long as these companies and governments continue to use lame excuses to inflate final consumer prices.
Demand in Portugal will fall by 18% as the country struggles to pay foreing debt.
Jailed for 27 years, he emerged to become the country's first black president and to play a leading role in the drive for peace in other spheres of conflict. He won the Nobel Peace Prize in 1993.
His charisma, self-deprecating sense of humour and lack of bitterness over his harsh treatment, as well as his amazing life story, partly explain his extraordinary global appeal.
- 1918 - Born in the Eastern Cape
- 1956 - Charged with high treason, but charges dropped
- 1962 - Arrested, convicted of sabotage, sentenced to five years in prison
- 1964 - Charged again, sentenced to life
- 1990 - Freed from prison
- 1993 - Wins Nobel Peace Prize
- 1994 - Elected first black president
- 1999 - Steps down as leader
- 2001 - Diagnosed with prostate cancer
- 2004 - Retires from public life
- 2005 - Announces his son has died of an HIV/Aids-related illness
- 2007 - Forms The Elders group
- 2010 - Appears at closing ceremo-ny of World Cup
and Repsol have the most expensive price per litre 1,601 for regular 95 Octane.
This attitude by the petrol companies Galp, BP, Repsol and Cepsa will affect Portugals austerity plan, as consumer demand will continue to drop as well as Tax revenue derived from petrol products.
This week prices have increased twice, 11-07-2011 and 12-07-2011, the policy shift by the U.S. and some European Nations to try and get external markets to help lower crude prices does not apply to Portugal were consumer prices are inflated to record cost.
The new elected government seems to be as arrogant as the last socialist government regarding this issue as there is no control as to the steps taken by these energy companies.
BP increased 5.5 cents per litre
Repsol increased5,5 cents per litre
Galp increased 5 cents per litre
Cepsa increased 5,5 cents per litre
All these companies have a monopoly in price fixing as can be seen, this price fixing is not allowed by E.U. law, however Brusels nothing does to avoid such situations allowing less honest companies and governments to run free.
Moody's Investors Service cut its rating by one notch to Baa2 from Baa1 and said in a report that it was increasingly unlikely that Portugal would be able to borrow money on capital markets in 2013, as planned.
As a result, it said the country would probably require more financial aid on top of the euro 78 billion ($113 billion) bailout it received earlier this year -- with private banks taking some losses.
The Portuguese government and population said in response that it is fully committed to meeting debt reduction targets and economic reforms tied to the bailout.
Portugal has been shut out of bond markets for long-term loans since April, when its government collapsed, heightening investors' concerns about its financial future.
Moody's said the European Union's insistence on involving private sector holders of Greek debt in a second bailout for the country indicates the same would happen for Portugal.
The agency's report is a blow to Portugal as it tries to distance itself from Greece, which has had to redouble painful austerity measures because it did not meet debt reduction targets.
Moody's said Portugal faces huge challenges in reducing spending and tax evasion, achieving economic growth and supporting the banking system and did not exclude another rating cut.
"A further downgrade could be triggered by a significant slippage in the execution of the government's fiscal consolidation program, a further downward revision of the country's economic growth prospects or an increased risk that further support requires private sector participation," Moody's said in its report.
In Lisbon, Portugal's new center-right coalition government said the downgrade showed the country faced an "adverse environment" in its debt-cutting efforts and that only by sticking to its promises to severely cut costs would it reverse its financial decline.
But the Finance Ministry said in a statement that the downgrade overlooked some good news -- that more than 80 percent of votes in a general election last month went to parties that back austerity and reform, demonstrating a broad national consensus for change.
Also, the statement noted, the government last week announced a one-off supplemental tax on personal income this year to bring about a sharp reduction in debt and has decided to speed up a privatization program.
Ratings agency Moody's onced more showed they have no credibility and should be banned..
Speculator #1: I buy oil from the market
Speculator #2: (he is a friend of speculator #1) I buy oil from speculator #1 at a higher price .
Speculator #1: I buy the same oil that I just sold at a higher price.
Speculators #1 and #2 contact the media (like AP) and release a bogus report about oil futures ...Oil goes up and the vicious cycle between these crooks continue to rob us blind ...
By the way the names of speculators #1, #2 are Goldman Sachs and JP Morgan.
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